Create Withdrawal

post

https://bo-api.drivewealth.io/back-office/funding/redemptions

Creates a Withdrawal.

Body Params

accountNo

string

required

sensitive
The user's unique account number, that is human readable.

amount

number

required

The amount of the withdrawal.

Accepts positive or negative values; regardless of the sign provided, the withdrawal is stored and processed as a negative amount in the system.

When liquidate is true, omit this field or send 0.

By default, the amount provided represents the gross amount of the withdrawal. Any associated fees or tax withholding for the request are deducted from this amount. The customer receives the amount net of these deductions. If there are no fees or other deductions, the customer receives the requested amount.

currency

string

enum

required

The name of the currency in abbreviation form.

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USD	U.S. Dollar.

Allowed:

type

string

enum

required

The method/form in which the redemption/withdrawal will be sent back to the user's external account.

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ACH	Sent via ACH transfer.
WIRE	Sent via wire transfer.
CASH_TRANSFER	Sent via cash transfer.
BULK_FUNDING	Sent via bulk funding.

Allowed:

bankAccountID

string

The unique DriveWealth identifier that identifies each linked bank account.

details

object

The necessary recipient details for completing a wire payment

iraDistribution

string

enum

The type of redemption/withdrawal from an IRA type of account.

Note: Trump accounts follow specific requirements for external account transfers or distributions. Click here for more details.

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NORMAL_DISTRIBUTION	A normal distribution.
EARLY_DISTRIBUTION	An early distribution, subject to penalty.
EARLY_DISTRIBUTION_PENALTY_EXCEPTION	An early distribution that qualifies for a penalty exception.
DIRECT_ROLLOVER	A direct rollover to another retirement account.
DIRECT_TRANSFER	A direct transfer to another retirement account.
REQUIRED_MINIMUM_DISTRIBUTION	A required minimum distribution (RMD).
DISTRIBUTION_TO_BENEFICIARY	A distribution to a beneficiary.
RETURN_OF_EXCESS_CONTRIBUTION	A return of an excess contribution.
QUALIFIED_CHARITABLE_CONTRIBUTION	A qualified charitable distribution (QCD).

iraDistributionSubType

string

enum

These types are only applicable for the distribution type EARLY_DISTRIBUTION_PENALTY_EXCEPTION. Click here for more details.",

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SUBSTANTIALLY_EQUAL_PERIODIC_PAYMENTS_SEPP_72T	Structured periodic withdrawals under Section 72(t).
DISABILITY_OR_DEATH	Exempt from the early-distribution penalty due to disability or death.
HIGHER_EDUCATION_EXPENSES	Used for tuition, books, and fees at a qualified institution.
FIRST_TIME_HOME_PURCHASE	Up to $10,000 used toward a first home purchase.
MEDICAL_EXPENSES	Used for unreimbursed medical expenses exceeding 7.5% of adjusted gross income.
HEALTH_INSURANCE_PREMIUMS	Used for health insurance premiums while unemployed for 12+ weeks.
RESERVIST_DISTRIBUTIONS	A distribution for a qualified reservist called to active duty.

Allowed:

iraTaxWithholdings

object

liquidate

boolean

Set to true to withdraw the full balance of a managed account. When true, amount must be omitted or 0.

fees

array

A list of fees associated to the withdrawal.

fees

note

string

sensitive
A way to store a message/comment on the this object. Do not put personal or account data in this field.

remittanceInformation

string

For ACH, this field will be passed through on an addenda record used for additional remittance details to make it easier for a recipient to identify and apply payments. For wire payments, the field will be passed through as the "Originator to Beneficiary Information", also known as OBI or Fedwire tag 6000. This tag provides specific details about the purpose of the payment to the beneficiary. Character limit vary by bank and rail. Typical limits are 80 characters for ach payments and 140 characters for wire payments.

settlementProfileID

string

A settlement profile identifier that links to a specific bank account for fund settlement.

metadata

object

sensitive
The metadata object allows for creating a maximum of 10 keys (max 36 characters) and each value cannot exceed 512 bytes. Do not put personal or account data in this field.

Headers

Idempotency-Key

string

A unique key (UUID) that is used to prevent duplicate requests. Should a network interruption occur, or you otherwise lost a response from the API, you can safely perform the request provided that you send the same value as the Idempotency-Key. DriveWealth Idempotency Keys are saved for 4 days. Within this time period, sending any request with a duplicate key will return the exact same response as the original request, including the same status code and payload.

Responses

Language

Credentials

Bearer

JWT

URL

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Response

Choose an example:

application/json

200Creating a User's Account Withdrawal was successful.

400Bad Request